Angolan banks authorised to facilitate credit granted for exporting products

23 September 2019

The Economic Commission of the Angolan Council of Ministers has authorised the banking sector to grant loans for the exportation of coffee, wood, tubers and tropical fruits, the governor of the National Bank of Angola (BNA), José de Lima Massano said on Friday in Luanda.

Speaking at the end of the meeting, the governor said that the Government’s decision introduces some amendments to BNA Notice 4/2019, of 3 April, on the granting of credit to the real sector of the economy, with a view to increasing and diversifying national production and exports, while contributing to the sustainability of the country’s Net International Reserves.

This Notice directs the granting of credit by banks to domestic producers of goods considered essential, whose domestic production does not yet satisfy domestic demand, with favourable interest rates of up to 7%.

The Notice list the eligible products as poultry and the production of its derivatives, beef, goat, pork and their derivatives, rice, sugar cane and derivatives, beans, cassava and derivatives and maize and its derivatives.

It also includes soy, milk, cooking oil, fish, blue soap and salt as eligible products.

Massano stressed that it is essential that goods included in the basic basket are produced mainly in Angola, to prevent the consumption of US$1.8 billion in foreign currency each year.

The governor also said that the new exchange rate regime, introduced in January 2018, has kept international reserves stable at around US$10 billion and considered it essential to reduce the current account deficit and never to import more than the country can afford. (Macauhub)